All Forum Posts by: Rudolph Shepard Jr

@NICHOLAS E. Here is what I would do in this situation. I would approach the Village and ask for a permit to move a mobile home into the park. If they say the park is full tell them you will be demolishing one of the existing older units and bringing in something newer (10-15) years old. If you are denied then this opens up an entirely new line of questions. It’s been my experience if you ask enough people enough questions someone will tell you how to get it done. Hope this helps in some way.

@Joseph Chacko vellukunnel FYI if these are older mobile homes with the original roofs you will have floor issues, yes floor issues. I would check for water stains on the ceilings and leaks around the windows as well as soft spots on the floors. We always add a metal roof with overhang to any older homes we purchase. Hope this helps in some way. I agree CU are the way to go for financing.

Good afternoon. We also do mobile homes on land but not as a flip, as long term rentals.  We only do used homes.  Are you  selling used or new mobile homes at your dealership?  

We have a small 3 bd 1 bath home that is  in the path of progress. (Highway expansion).  If I understand correctly this qualifies for a 1033 exchange if I sell outright??   The impacted area is .18 acres of a total 1.25 acres that encroaches on the house. ( house has to be removed). We will be left with just over an acre on a newly paved and widened road.  Question: If we move the house to a different location vs demolish how  would this affect the 1033 and capital gains tax. Leaving it on the remaining lot is not an option as it is being converted to commercial. Having a small loan on the house I talked with my banker and was told that moving the house would not effect the loan as long as the house stayed in my name.  Of course we will be running this by our Accountant but was hoping someone here has dealt with a similar situation.  Thanking all in advance.

If you’re just getting started with mobiles John Fedro would be an excellent choice. His info is excellent for mobile home investing, in parks or on land.  If you’ve not done mobiles previously I’d suggest doing a few before jumping straight into mobile home parks.  At least that’s the direction I’m going.  Hope this is helpful.

Same question as Dave Rav, what area?

Quote from @Chad Rumsey:

hello all - I have an opportunity to purchase multiple mobile homes in bulk. All are late ‘70s models, single-wide, 60’ long. Is there a market out there if I purchased, rehabbed and then sold without ground? I don’t know much about mobile homes. Do people buy them if they are not already in a land lease? I have the space to store them while rehabbing and selling. Wondering if I need to find land leases for them before they become valuable to a buyer. Any thoughts?

Anything built before 1976 is probably not HUD approved and as such you will probably not be able to move them. Check for the HUD data plate. After 1976 should be ok if there is a data plate. Hope this helps.

Quote from @Chad Rumsey:

hello all - I have an opportunity to purchase multiple mobile homes in bulk. All are late ‘70s models, single-wide, 60’ long. Is there a market out there if I purchased, rehabbed and then sold without ground? I don’t know much about mobile homes. Do people buy them if they are not already in a land lease? I have the space to store them while rehabbing and selling. Wondering if I need to find land leases for them before they become valuable to a buyer. Any thoughts?

Anything built before 1976 is probably not HUD approved and as such you will probably not be able to move them.

Quote from @Madison Clark:

Thanks so much for you help with this.  Lot rent in our area runs around $200 month. We could rent a new mobile home for around $1,000 a month. I know if we finance we would be looking at around a $600 payment but in order to pay it off quickly, we would need to take that $400 dollar difference plus additional to pay it off in 2 or 3 years. I'm not well versed in finance so I am trying to figure out how this all works. Thanks again for your replies, I do appreciate it. 

The mobile home rental plan is what we are perusing also, except we don’t buy new.  We buy solid used units at a good price and remodel. (1980 or newer) With mobile homes the roof and floor are your major pain points. We do treated plywood or tongue and grove OSB (3/4) We also replace the water lines and add a metal roof with overhang.  All this for a fraction of a new unit with no overhang and suspect sub flooring.  Additionally the pad has to be raised and slopped to remove the possibility of standing water.
Hope this helps!

Does it have a HUD decal. I would be very concerned about buying anything earlier than 1980s. Not sure where you're located but in NC you can't move a 1975 and if the power is turned off for any length of time you may not be able to get it back on.